Business

Renewables Can’t Overtake Oil in Decades –OPEC

Published

3 years ago

January 30, 2021

Eric

The consumption of renewable energy cannot come anywhere close to overtaking oil and gas usage in the decades ahead, the Organisation of Petroleum Exporting Countries said on Wednesday.

Secretary-General, OPEC, Mohammad Barkindo, said this in his special address at the S&P Global Platts Americas Petroleum and Energy Conference, with the theme, ‘The pursuit of global multilateralism to help drive the global energy transition’.

Barkindo observed that there were some who believed the oil and gas industries should not be part of the energy future, but should be consigned to the past, and that the future was one that could be dominated by renewables and electric vehicles.

He said, “In response, it is clear that many OPEC member countries have great solar and wind resources, and huge investments are being made in this field. OPEC welcomes the development of renewables.

“However, we do not see any reputable outlook projecting in their base cases that renewables will come anywhere close to overtaking oil and gas in the decades ahead.”

He stressed that it was important to state clearly that science did not tell that oil would be consigned to the past, adding that the statistics related to the blight of energy poverty did not tell us this either.

“We fully support the science. This is a given. We do not deny the existence of climate change. What the science and statistics tell us is that we need to reduce emissions and use energy more efficiently,” the OPEC scribe stated.

He added, “Renewables are coming of age, with wind and solar expanding quickly, but even by 2045, in our World Oil Outlook 2020, they are only estimated to make up just over 20 per cent of the global energy mix.

“Oil and gas combined are forecast to still supply over 50 per cent of the world’s energy needs by 2045, with oil at around 27 per cent and gas at 25 per cent. We appreciate that some will view this as an OPEC forecast, dispute the numbers, and state that the Organisation is against renewables.”

In terms of electric vehicles, Barkindo said there was no doubt that they would continue to see expansion in the transportation sector.

He noted that in OPEC’s 2020 WOO, the share of electric vehicles in the total road transportation fleet was projected to expand to around 16 per cent in 2045, as the organisation was in support of their development in a sustainable manner.

Barkindo said, “However, for many of the world’s population, electric vehicles do not offer a viable alternative to the internal combustion engine, primarily due to cost.

“There is also debate about how environmentally friendly they are considering their build process, especially the required batteries, and the sourcing of the vehicles’ electricity.

“Here, I think it is also relevant to highlight one key detail from our World Oil Outlook 2020. In the period to 2045, fuel efficiency improvements are expected to result in a far greater reduction in oil demand, than the increasing penetration of alternative fuel vehicles.”

Business

Glo Launches New Internet Solution Products for Homes, Businesses

Published

2 weeks ago

April 8, 2024

Eric

Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.

Business

Naira Appreciates Further, Sells at N1,280/$ at Parallel Market

Published

3 weeks ago

March 30, 2024

Eric

The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

TheCable

Business

NNPC Denies Reducing Petrol Pump Price

Published

3 weeks ago

March 28, 2024

Eric

The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.